Mr Javid, former Health Secretary, said "I don't have a ready made logo or slick video ready to go" adding: "I have a passion and desire to get Britain on the right course."
Acknowledging his resignation last week, Mr Javid said “Five days ago I stood up in Parliament and I spoke from the heart and I believe I spoke in the national interest.”
Former Prime Minister Boris Johnson endured a series of scandals throughout his premiership, most recently Partygate and the allegations against Chris Pincher.
Addressing the ongoing investigations, the former Health Secretary said: "We need a leader who makes credible promises".
He added that "our party has lost its way".
Sajid Javid
POOL
Mr Javid declared he has a "passion and desire to get Britain on the right course" adding "it won't be enough to just have someone else, anyone else at the helm, the British people are looking for some competence".
He formally announced his bid in The Sunday Telegraph after his and Mr Sunak's double resignation sparked a string of exits from the Government, and hastening Boris Johnson's downfall.
State school-educated Mr Javid is the son of a bus driver who arrived in England from Pakistan in the 1960s, and held ministerial roles in housing, business and culture before becoming Chancellor, and then health secretary in the middle of the pandemic.
Mr Javid, who supported Remain in 2016, made it to the final four in the contest to replace Theresa May as Tory leader in 2019, but dropped out and subsequently endorsed Mr Johnson.
He has said he would not only scrap the former Chancellor’s plans to raise corporation tax from 19 percent to 25 percent in April, but reduce the rate to 15 percent.
The Bromsgrove MP also pledged to scrap the Government’s controversial National Insurance hike, bring forward the planned 1p income tax cut to next year, and introduce a further “significant” temporary reduction on fuel duty.
The news follows the Prime Minister's resignation on Thursday last week following mounting pressure over his handling of sexual misconduct allegations against Chris Pincher.
The current MPs running for the role of Conservative Leader are; Rishi Sunak, Penny Mordaunt, Liz Truss, Grant Shapps, Nadhim Zahawi, Tom Tugendhat, Suella Braverman, Jeremy Hunt, Kemi Badenoch, and Rehman Chishti.